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2020-21 Budget Snapshot

The 2020-21 Federal Budget is all about jobs.

Whether it’s tax cuts for workers and small business, infrastructure spending, investment in manufacturing or support for young jobseekers, the Morrison Government stands with the Australian people to do whatever it takes to drive jobs growth and our economic recovery.

Under the leadership of Prime Minister Morrison and Treasurer Frydenberg, Australians can be incredibly proud of how we have responded to this global pandemic, protecting lives and livelihoods. Victorians, of course, have had it particularly tough.

More people in jobs means a stronger Budget position and a stronger nation. Working together, backed by our economic recovery plan, we can do this.

Here is a snapshot of the 2020-21 Federal Budget.

COVID-19 Response

• COVID-19 has resulted in the most severe global crisis since the Great Depression.
• In response, the Morrison Government has committed unprecedented support. This includes JobKeeper, a $101 billion lifeline, JobSeeker and early access to superannuation.
• Our unprecedented health response includes major investments in testing, vaccine development and medical research.

JobMaker Plan

• Our JobMaker plan includes lower taxes for low and middle income earners, a hiring credit scheme to support 450,000 young Australians get into work and an additional $1.2 billion for an apprentice and trainee wage subsidy
• The $1.5 billion Modern Manufacturing Strategy will support a more competitive, productive and resilient manufacturing sector that can employ more Australians.
• $1.9 billion in energy technologies has been delivered to reduce emissions and ensure all Australians have access to reliable and affordable energy. Our Fuel Security Plan will deliver a major boost to Viva Energy’s Geelong Refinery.
• Major tax relief and investment incentives for business, including extending the instant asset write off to any purchase by more than 99% of businesses, will drive jobs growth and economic recovery.

Infrastructure investment

There is an additional $1.1 billion to fast track shovel-ready Victorian infrastructure projects, supporting almost 4,000 jobs, including:
• $292 million for the Barwon Heads Rd upgrade;
• $208 million for the Warrnambool Line;
• $605 million into the forward estimates for stage 2 and 3 of the Geelong rail duplication;
• $30 million to help plan the electrified network to Wyndham Vale on the Geelong Line and Melton on the Ballarat Line; and
 continuing investment in major projects such as $500 million for the Ballarat Line upgrade and $158.7 million for the Bendigo to Echuca Rail Line upgrade.

Backing our regions

• A $2 billion investment in safer roads and another $1 billion for the Local Roads and Community Infrastructure program will deliver a major boost to the Geelong, Ballarat and Bendigo regions.
• The Budget has delivered further funding to support tourism and Australian exporters as well another $200 million for the Building Better Regions Fund
• Our farmers are being supported with $2 billion in concessional loans and $2 billion for vital water infrastructure.
• An extension of the First Home Buyers Deposit Scheme and an extra $1 billion of low cost finance to finance affordable housing.

Supporting senior Australians

• Another two payments of $250 to pensioners in December and March.
• 23,000 more home care packages to support senior Australians who want to keep living at home, bringing the total to more than 180,000 places, three times the number when this Government was elected in 2013.

Record funding for health and education

• We are delivering record schools funding and $93.8 billion in health funding for 2020-21, an increase of almost 43% since 2014-15. This includes $5.7 billion for mental health support and more funding for subsidised telehealth services.
• The new JobTrainer fund will create up to 340,000 free or low cost training places for school leavers and job seekers.
• 50,000 new higher education short courses are being funded including in agriculture, health, IT, science and teaching.

Budget resources

You can find all of the details of last night’s Budget here. My Budget summary which is a useful resource can be found here.

7 October 2020

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